Secrets to Keeping Your Business in a State of Growth
In this blog, we will outline the foundations of a constantly progressing company culture. Leaders and managers can inspire rapid development in an organization which can boost your company’s competitive strategy. This strategy requires a relationship-oriented approach with an emphasis on what your clients want. Contrary to what this blog has led you to believe so far, the goal of this strategy is not to create a culture of constant development but to have the utmost competitive advantage in the eyes of consumers. Below are key components of an ever progressing business:
MINDSET FOR SUCCESS
Firstly, make it a habit to prioritize your customers. Put them before everything else and keep in mind that every action in the organization must serve the customer’s purpose. Secondly, your employees don’t fail, but procedures do. Keep track of operations and preserve what works and let go of what doesn’t. The company’s success is the result of better procedures, not the mistakes of employees.
SIX VITAL PRACTICES
Utilize a tried and tested technology
Oftentimes, machinery are used to save on company expenses as they can replace human labor for a significantly lower cost. For tasks which a person is not competent enough to undertake, machines are a faster and cheaper way to get your job done. This is especially important for entrepreneurs when just getting settled in the business. On the other hand, when it comes to workplace productivity, being up-to-date with the current technology is an automatic advantage. Tasks such as bookkeeping can be done significantly faster with certain software. Companies such as EZTax Calgary and A1 Accounting & Business Solutions is a Calgary-based accounting firm that also specializes in software training.
Have a viable and measurable key performance indicator (KPI)
KPI’s are visual representations of the effectiveness of an organization’s procedures. It is a convenient tool for leaders to know what practices need to be implemented, retained, and discarded.
Courage to test new ideas and theories
A company remains stagnant if it sticks to its old ways. The most successful companies rely on innovation and are open to new ideas in order to keep discovering what works best for the company.
Good attitude towards failure and sharing new solutions
Mistakes are inevitable, and it is imperative for a company to keep track of new solutions and be able to share it to the employees. by doing this, employees are equipped with tools to avoid the same problem from happening all over again. More importantly, it is important for both superiors and subordinates to leave behind any judgement on failure and instead use it as an instrument for growth.
Cross-training and letting go of the silo mindset
The Silos Mindset is defined as different departments in a company having completely different goals and values from one another. This type of structure can cause complications when dealing with daily operations and may cause clashes and contradictions when it comes to communicating the brand’s intent to the customer. Cross-training is a good way to diminish this oftentimes inevitable habit. It acquaints members from different departments to other sectors from the same organization, encouraging trust and inclusion.
Celebrate (even minor) achievements
The act of acknowledging individual and group achievements in an organization is a great incentive for them to retain the qualities that contributed to a projects’ success. Leaders should keep in mind that everything that contributes to the company’s goals is considered success. This sort of recognition reaffirms team players that their efforts did not go to waste and are still very much needed for future projects.
The effectiveness of this approach is evident in organizations who has already made the shift. Multinational corporations such as Ritz Carlton and McKinsey & Company have attested that the tactic helped spark innovative ideas in the workforce, eased recruiting and retaining of employees, created a vibrant environment for workers and clients alike, and most importantly, lead to a dramatic increase in customer satisfaction. This is not only a proven way to enhance large company's performance, but it is also a proven way to grow your small business, even if you are just starting!
We hope this article shed a light on how you can better operate your new or existing business. It is aimed to better both equip entrepreneurs and long-time business leaders with the right values in order to keep the business in a state of growth.
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BDC. (n.d.). BDC blog. Retrieved from BDC: https://www.bdc.ca/en/blog/pages/transforming-your-company-culture.aspx
Contributor, B. G. (2017, June 20). Forbes Ledership. Retrieved from Forbes Magazine: https://www.forbes.com/sites/brentgleeson/2017/06/20/why-silos-kill-the-ability-to-communicate-a-unified-vision-and-5-ways-to-eliminate-them/#1f988a7a29a4